Much of the banking drama from the last few weeks can be traced back to bad mortgage bets, making us wish that homeowners were never approved for loans they never could have afforded. Yesterday, a government drafted
mortgage aid program launched into action that aims to contain the mortgage crisis from causing more trouble. The $300 billion, three-year initiative aims to allow about 400,000 homeowners to exchange their existing mortgages for more affordable ones, therefore staving off potential foreclosures.
From a hiring standpoint, small companies
are exhibiting more stability compared to larger ones and you may consider pursuing positions at these less sizable businesses if you're looking for a job any time soon. In August, unemployment reached its highest point in five years and more large companies instituted hiring freezes.
Small companies aren't exactly ramping up their recruitment efforts as hiring has remained flat, but it's a more hopeful job market compared to some large companies showing signs of contraction in their workforces.
Looking for a job?
According to The Wall Street Journal, many major banks in the US are bulking up their collections departments' personnel and emphasizing their efforts to contact late payers more immediately than before. If you go on vacation and forget to pay your credit card bill on time, you may return home to not only a late fee but a message from the bank issuer.
Yes, it's true,
America's friendliest airline is reporting it is not as financially sound
as previously stated. Southwest has announced
it will cut 200 flights in 2009, representing about six percent of its regular daily flight schedule. The reduced schedule won't stop the airline from flying out of the 60 airports it currently uses, but the cuts will reduce frequency of flights on most routes.
Job losses
have triggered a rental slowdown as many renters are recruiting roommates or turning to the guest rooms of friends and family. Reduced occupancy has prevented landlords from raising rents, and in many areas rents have fallen or remain stagnant.
Rental markets are slowing in places that weren't particularly impacted by the housing crisis.
